Apex Service Partners to receive minority investment at $10 billion valuation
Founded in 2019 with backing from California-based Alpine Investors, Apex is the largest private equity-backed residential HVAC, plumbing, and electrical platform in the U.S.
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Residential HVAC, plumbing, and electrical platform Apex Service Partners is set to receive a minority investment from asset management giant Apollo, the company announced Thursday.
What’s happening: The transaction values Apex at $10 billion, according to a person with knowledge of the matter, who spoke on the condition of anonymity as the financial terms are confidential.
- Apollo will invest $2 billion, the Wall Street Journal reported, while Apex’s founding sponsor, Alpine Investors, will make an additional investment, according to Thursday’s news release.
- Goldman Sachs and Evercore advised on the deal. A representative for Apex declined to comment, and Apollo didn’t return a request for comment.
Zoom out: Founded in 2019 with backing from California-based Alpine Investors, Apex is the largest private equity-backed residential HVAC, plumbing, and electrical platform in the U.S.
- The company generates “over” $500 million of EBITDA, according to a person familiar with the company, on more than $3 billion of annual revenue, per the news release.
- In late 2023, Alpine completed a $3.4 billion secondary market transaction solely to fund Apex’s continued growth.
- Apex operates 75 local contracting brands across 46 U.S. states and counts more than 13,000 employees.
What they’re saying: “The investment will support Apex’s next phase of growth as the company continues to expand its national footprint, deepen its multi-trade service offerings and advance the technology and talent infrastructure that underpin its operating model,” the news release states.
The big picture: The deal — expected to close in the fourth quarter — follows a string of private equity-backed platform activity over the past year, including Redwood Services’ majority investment from Altas Partners, Blackstone’s $2.5 billion acquisition of Champions Group, and the reported sale processes of American Residential Services (ARS) and USA Hometown Experts.
Editor’s note: This story has been updated to reflect an announcement from Apex Service Partners.
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